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How much of a monthly mortgage john and nichole can afford

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Reference no: EM133026350

Question - John and his wife, Nichole, both work and have a combined gross income of $105000 per year. They estimate the property taxes on their condo will be $1050 and insurance would be about $1700 per year. John takes the bus to work, but Nichole has a car payment of $215 per month, and they are both still paying off student loans for a combined total of $200 per month. Use this information to answer the questions below.

Express your answers rounded correctly to the nearest cent!

(i) Determine how much of a monthly mortgage John and Nichole can afford. (Use the Total Expense Ratio from your class materials.)

(ii) If the couple can get a 15-year mortgage with a fixed rate of 7.35%, use Excel's PV function to determine how much house they could afford.

Reference no: EM133026350

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